Abbeygate traders predict ‘rough’ few years for business
FIGHT FOR SURVIVAL AS COST OF LIVING CRISIS DEEPENS
RETAILERS in Grimsby’s Abbeygate Shopping Centre are fearing that a “rough” few years may be ahead of them as the cost of living crisis continues to impact business.
With energy bills soaring tremendously over recent months, people are becoming more and more cautious over their spending habits.
While cafes, bars and restaurants attempt to supplement the affects of the crisis by raising their prices, retail is one industry that is not able to do this.
Business owners in the renowned independent shopping area are preparing for a tough few years in the retail sector as consumers continue to “tighten their belts”.
Some believe that fresh business models are needed if the shops in the area are to survive.
Jazz Clothing has been a staple of Abbeygate for around 35 years now. Owner Darren Spencer, 59, believes that it is the best shopping centre around the area for its footfall in summer, describing it as “the jewel in Grimsby’s crown”.
“We are still doing business but we’ve had to reduce our overheads and work hard,” said Mr Spencer.
He then began to reminisce of when he had around eight members of staff. Due to rising bills, he now only has two part-time employees working alongside him.
“Retail is tough,” he continued. “With changing business models and a tough economic climate, I can see retail having a rough two years. The businesses that don’t adapt won’t survive.”
Women’s boutique Paris has also faced d some issues with h rising utility l prices as owner Linda Vasey, 46, said her energy bill has tripled over the last few months.
She said the situation is “ridiculous” but the business is “taking it on the chin”.
While Ms Vasey is confident that her personal customer service will continue to attract people to her shop, she feels that the winter months next year may be quite quiet.
Linda said: “We’ve been alright so far, but people are being a little bit careful.”
Capital Collection owner Stewart Margetts, 59, insists that his business is booming. The retailer stocks premium brands such as Vivienne Westwood and Belstaff and apparently have “never been busier”.
“It’s all about having the label people want,” said Mr Margetts. “Because we have the right brands, the cost of living crisis isn’t really affecting us.”
While the Grimsby store may be surviving, Stewart’s landlord did mention to him that his other business in Louth is really feeling the pinch at the moment as the town centre is very quiet.